CBN issues new directive to Nigeria banks, reverses timeline on ATM transactions

The Central Bank of Nigeria has announced new directives to banks in regards to ATM, POS and web customer refunds.

The apex bank in a statement on its verified Twitter page instructed that all banks, starting June 8, 2020, must resolve all backlog of ATM, POS and web customer transactions within two weeks.

CBN instructed that henceforth refunds for failed “Not-on-Us” ATM transactions (where customers use their cards on other banks’ ATMs) must not exceed 48 hours.

Also, resolution of failed PoS or Web transactions should be concluded within 72 hours from the current five) days.

The statement read: “All banks in the country are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020

“Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days.

“Failed “On-Us” ATM transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of three days.”

The apex bank added that in situations where the failed ‘On-Us’ ATM transactions is caused by a technical issue, the timeline for reversion must not exceed 24hours.

“Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.

“Refunds for failed “Not-on-Us” ATM transactions (where customers use their cards on other banks’ ATMs) shall not exceed 48 hours from the current 3-5 days.

“All banks are directed to resolve backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020,” it stated